Bitcoin has lost support at $ 32,000. Is Bitcoin threatening a new crash below $ 30,000?

Trader Sees Possible Drop to $24k

Bitcoin in dangerous territory: today in the early hours of the morning, the Bitcoin bulls had to admit defeat, again leaving behind the support at $ 32,000. Bitcoin subsequently fell from around $ 32,500 to just over $ 31,600. True, managed a slight recovery to 31,960 dollars, where BTC is currently trading.

However, the breakthrough down has scared investors: Is Bitcoin threatening another crash below $ 30,000? If so, how low could Bitcoin fall?

Trader @ DevChart comments in a recent chart analysis: Bitcoin is currently looking weak and must necessarily hold $30k. If there is no recovery from here, BTC could continue to mine and drop to as low as $ 24,000. Here is the next support area. The analyst to his more than 117,000 Twitter followers:

“BTC really looks like he just wants to die here.
Next Support Levels:
– ~$30k, which is the bottom of the current range. If we don’t bounce from there, the next level of support is ~ $24k.“

DevChart is not alone with its forecast. Other industry observers expect for Bitcoin, a drop below $ 30,000, such as the pseudonymous analyst Crypto Mikey (@CryptoCX1).

Does Bitcoin crash to $ 10,000?

Scott Minerd, CIO (chief investment officer) of the multi-billion dollar investment giant Guggenheim Investments, believes that Bitcoin could even crash 80% from its all-time high. Speaking to CNBC, the analyst explains:

“If we look at the history of crypto and look where we are… […] I really believe this is probably a crash and, you know, a crash would mean maybe 70% -80% down, which is, let’s say, between $10,000 and $15,000.“

Minerd adds: he would therefore “not be in a hurry to buy Bitcoin”. His conclusion:

“If you want to be a speculator, speculate that he is going down.“

“There is disinterest in the market”

According to an analysis by Jarvis Labs, current market conditions are more likely to be bearish than bullish. Using two different models (Bytetree models and Electrical Value models), the researchers note: Bitcoin is currently traded at a premium relative to its cost. That means: There will be pressure on the price of BTC.

In addition,: Tether, an important component of crypto markets, has been “silenced” for weeks. According to Jarvis Labs, this suggests that there is little demand left among investors. The conclusion of scientists:

“First of all, there is disinterest in the market.“

It remains to be seen whether the disinterest will turn into panic and sales – or whether Bitcoin will soon succeed in a recovery that triggers the next stage of the bull run.

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Last updated on July 14, 2021

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